The paper extends Bernanke and Mihov's [6] closed-economy strategy for identification of monetary policy shocks to open-economy settings, accounting for the simultaneity between interest-rate and exchange-rate innovations. The methodology allows a separate treatment of two distinct monetary policy shocks, one that operates through open market operations, and another one that takes place through interventions in the foreign exchange market. Implementation...
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INFORMATION
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2010/03/01
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Document de travail de recherche sur les politiques
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WPS5252
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1
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1
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2010/07/01
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Disclosed
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Measuring monetary policy in open economies
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monetary policy
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